Financial Intelligence Centre Act (FICA)

FICA, the Financial Intelligence
Centre Act (38 of 2001) was established to combat financial fraud and money
laundering and the financing of terrorist and related activities.

The
Act further imposes certain duties on financial institutions which might be
used for money laundering purposes and terrorist and related activities. The
duties include 'know your customer', record-keeping and reporting
obligations.

Know Your Customer (KYC)

According to the Act, for the purposes of financial
transactions, every customer of a South African bank must positively identify
themselves. Therefore,
when transacting with us, the Exchange Control Regulations and the Financial
Intelligence Centre Act require you to provide:

Proof of your residential
address in the form of a third party document such as a utility bill (cell phone account, rates and taxes
account or electricity account).

Identity document

And in the case of
travel forex purposes and Exchange Control Regulations:

Valid passport

Travel ticket or itinerary

Making sure every
client is FICA compliant is a big step towards preventing crime South Africa
and maintaining the integrity of the financial system.

Bidvest Bank Limited (Reg no 2000/006478/06) is a licensed financial services and registered credit provider, NCRCP17. The only valid Bidvest Bank website is www.bidvestbank.co.za or www.bidvestbank.com.
Beware of websites purporting to be either a Bidvest Bank website or a site associated with Bidvest Bank - these sites are fraudulent. Please report any such site to fraudsquad@bidvestbank.co.za.